Market Outlook: Commerce Department Says New Home Sales Are Up, Plus a Look at Southlake From The Experts

Share News:

New home sales are up 18 percent for the month, according to Department of Commerce stats.
New home sales are up 18 percent for the month, according to Department of Commerce stats.

We like to check in with agents to see what the market looks like from their corner of the real estate world. So when we heard that, after a long period of stagnancy, new home sales were on an upward trajectory, we had to get some local perspective.

The report from the Department of Commerce this week showed new-home sales up by 18 percent last month. That’s the most growth new home sales have had since May 2008! Locally, that could be due to a variety of factors, one of which is the high demand in the existing home market.

“We are seeing that the DFW housing market is strong for new construction homes. In a lot of cases, buyers are having to offer full price or outbid each other to get “on contract” for pre-owned homes. Many buyers are paying above market value just because there is very little supply out there–they want to buy a house and are pre-approved by their lender but can’t get one!” said Cathy Browne, an Allen Realtor with Ebby Halliday. “This is why many buyers are choosing to go with new construction. They can go ahead and get their new home started, get their existing home ready for sale, and sell it when the time comes. That way they can choose the upgrades and features they want in their new home, and get all the great energy-efficiency features that are offered now. Builders are more confident and so are building more spec homes and acquiring more land for development.”

In Southlake, we asked Ebby Realtor Chip Reid what the sales environment looked like. The brokerage, which just opened their brand new offices across the street from Southlake Town Square, has been booming.

“According to measurable numbers, Southlake is as strong as ever,” said Reid. “Now that the school year has started, the summer frenzy of buying has naturally slowed. The commercial market has many new projects going that will make Southlake even more desirable in the future.”

Of course, in Southlake, schools are a magnet for homebuyers, Reid emphasized.

“Carroll ISD was just awarded the Lone Star Cup for the 2013-2014 , 5A UIL competition,” he said. “This was the third year in a row that Carroll High School has won the award. The school district continues to be the draw, and they are all doing a great job.”

What does the market look like for you?

mm

Joanna England

If Executive Editor Joanna England could house hunt forever, she absolutely would. Instead she covers the North Texas housing market and the economy for CandysDirt.com. While she started out with the Real Estate Center at Texas A&M University, Joanna's work has appeared in The Dallas Morning News as well as several local media outlets. When she's not knitting or hooping, or enjoying White Rock Lake, she's behind the lens of her camera. She lives in East Dallas with her husband, son, and their furry and feathered menagerie.

Reader Interactions

Leave a Reply

Your email address will not be published. Required fields are marked *